AP Government inks MoU with Covalent Fund to kick start Blockchain ecosystem

Updated:12 months ago IST

Amaravati (AP), Jan 19 (ANI): After a very successful Blockchain Business Conference held by the Government of Andhra Pradesh at Fintech Valley Vizag in October 2017, the Andhra Pradesh Government has inked an MOU with the Covalent Fund to kick start a Blockchain ecosystem in India. Covalent Fund is a family office fund managed by Ram Yalamanchili and this cooperation agreement will focus on creation of manpower, access to capital and creation of an India focused Velugu Blockchain stack under Fintech Valley Vizag, the flagship initiative of the state. Andhra IT Minister Nara Lokesh said they believe that India Blockchain stack will revolutionize the way the economy would function in the near future. “Our collaboration with Covalent Fund is focused on creation of a world-class sustainable blockchain ecosystem in the state that will make in ways for innovative startups to work with a start up state like ours.” AP IT secretary Vijayanand, e pragati CEO Balasubramanyam and Joseph Lubin co-founder of Ethereum Blockchain were among the others present at the event.

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